Falling prices of food excite Nigerians

Bauchi, Gombe and Dutse residents have expressed joy over the drop in food prices in recent weeks.

In Bauchi, Gombe and Dutse markets, food prices decreased slightly against galloping inflation in the past months.

Prices of parboiled rice, maize, beans, and millet also dropped by about 10 per cent in the markets across the states.

In Gombe, a 50kg bag of foreign rice sells at N66,000 instead of N82,000, while a 100kg bag of local variety rice costs N120,000 instead of N130,000.

Also, a measure of beans costs N1,800 instead of N1,900, while a 100kg bag of the produce is sold for N78,000, down from its previous price of N83,000.

However, perishable produce showed a marginal increase in prices. A medium-sized basket of tomatoes sold for between N8,000 and N11,000, depending on its quality, against its old prices of N9,500 and N13,000.

A bag of onions sold between N13,000 and N20,000 now costs N12,000 and N18,000, respectively.

At Wunti market in Bauchi, prices of maize indicated a similar decrease as a 100kg bag sold at N58,000; beans N75,000, soybeans N32,000 and sorghum N43,000, as against its old prices of N60,000; N75,000, N80,000 and N50,000, respectively.

In the Dutse grain market, a 100kg bag of local variety rice sold at N140,000 against N160,000, while millet sold at N68,000 as against N72,000 sold in the past weeks.

Similarly, a 100kg bag of maize and sorghum sold at N68,000 against N72,000, and wheat sold at N80,000 against N88,000.

Grain dealers at the markets attributed the development to the Federal Government’s ban on bulk grain purchases and the implementation of proactive monetary policies in the country.

Danjuma Jahun, a rice dealer in Bauchi, said the government’s measures checked hoarding and improved the food supply.

“The reduction in prices is because of the government’s action to ban bulk buying of grain in the markets,” he said.

Another dealer, Isa Munkaila, said prices would further drop due to the improved market supply. He called for improved power supply to rice mills to encourage productivity.

Moreso, Bala Abdullahi and Musa Adamu, who expressed happiness over the development, commended the food palliative programme initiated by the federal and state governments.

Mr Abdullahi said the programme checked inflation and enhanced food security in the country, adding that prices would further crash as cropping season sets in.